AI Generated Summary
This legislative bill proposes special rules for tax increment financing (TIF) that would allow the city of Plymouth, Minnesota to create up to two redevelopment districts specifically in its city center area. Here are the key points of the bill:
Establishment of TIF Districts: The city of Plymouth can establish two redevelopment districts within the city limits as identified on the zoning map as of January 1, 2024.
Special Rules:
- These districts automatically meet certain state requirements for TIF districts.
- Some standard state rules do not apply to these districts.
- The typical period for using the increments (financial benefits from tax increments) is extended from five years to ten years, with an additional year to use the funds after the period's expiration.
Expiration: The authority to approve TIF plans for these districts ends on December 31, 2031.
This bill primarily focuses on enhancing the redevelopment initiatives in Plymouth’s city center by offering flexibility and extended time to use financial increments from TIF districts.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 12, 2025 | House | Floor | Action | Introduction and first reading, referred to | Taxes |
Citations
[
{
"analysis": {
"added": [
"Special rules allowing the establishment of two redevelopment districts within specific city areas."
],
"removed": [],
"summary": "The bill involves the establishment of a tax increment financing district in Plymouth, meeting requirements set forth in section 469.174, subdivision 10.",
"modified": []
},
"citation": "469.174"
},
{
"analysis": {
"added": [
"Provision that section 469.176, subdivision 4j does not apply."
],
"removed": [],
"summary": "Exceptions to requirements in this section are provided for the new tax increment financing district.",
"modified": []
},
"citation": "469.176"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Extended periods for the use of increments under section 469.1763 are included.",
"modified": [
"The five-year period is extended to ten years; the period for using increment after the five-year period is extended to 11 years."
]
},
"citation": "469.1763"
}
]